Thursday, January 10, 2008

How To Transfer PayPal Funds To Your Bank Account

If you are in the Philippines and want to transfer your PayPal funds directly to your bank account, here are the four easy steps:

1. You need to create an account first with Xoom.com. Xoom is the by the way the sister company of PayPal.2. After registering to Xoom.com, click the Send Money link located on the top of the Xoom website. Fill-up all information including the amount to be transferred and the bank account details. Make sure to click the Calculate Fee button to know the additional fees to be deducted to your PayPal account.3. At the Payment Method section of the transaction, select the Paypal option. The standard service fee for Paypal is $5.50. After reviewing your transaction, you would be directed to the login screen of PayPal. This would ensure your protection since you need to authorize the deduction of funds in your PayPal account.4. After clicking the “Pay Now” button, you would receive email confirmation for your transaction. Just wait for the next email of Xoom to let you know the status of your fund transfer.

The downside of transferring PayPal to your Philippine bank account with the help of Xoom? It cost more than the usual. With my $340 transaction, Xoom charged me $14. Aside from that, the exchange rate they used is lower than the current rate. The only good thing that I could see is that I would receive my money within three days.

Thank you to Benj, Gail and Sonnie of Pinoy Bloggers Society Yahoo Group.